第六章 信用证1

2. Buyers have reported receiving empty crates or crates filled with sand instead of the merchandise they ordered. By the time they received the shipment the banks had already paid the “supplier” . 3.Buyer have reported receiving defective merchandise from sellers. While there may be some latitude for interpretation of what constitutes “defective” , it is clear that some suppliers have purposefully shipped incorrect or substandard goods.
2.信用证是自足文件:信用证的基础首先是买 卖合同(first, the sales contract between buyer and seller),第二是买方（申请人）与开证行 的申请书和担保协议（second, the “application and Security agreement” or the “reimbursing Agreement” between the buyer( the applicant ) and the issuer (the issuing bank)）;第三，在这两个文件的基础上开证 行才向受益人开立信用证（third, the documentary credit between the issuing
Bank and the beneficiary.) 但是这些文件是相互 独立的，每个文件只能约束有关当事人 （Each contract is independent and controls the respective relationship between the parties.）正 如UCP指出的，信用证的特点就是独立于合 同，并不受合同的限制（credit, by their nature are separate transactions from the contracts on which they may be based and back are in no way concerned with or bound by contracts. ）.虽然信用证条款中出现了
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(4)Banks engaged in letter of credit business assumes no responsibility for the form, sufficiency, accuracy, genuineness, falsification or legal effect of any documents presented. Their main responsibility in this respect is to examine each document presented to see whether it appears on the face to be in compliance with the credit terms.
Chapter 6 letter of credit
Why the letter of credit had been developed? 1.Key issue of international settlement: Credit risk ,and capital tied up. 2. Disadvantage of Payment in advance and open account. 3.bank’s role in international settlement
4. Buyers have reported being short-shipped. In some cases buyers have ordered a valuable commodity sold by weight and were charged for the gross weight rather than the net weight. 5. Buyers of commodities ,especially gray market goods, have reported being defrauded by the seller’s providing fraudulent shipping documents, evidencing shipment on a nonexistent ship.
Many of the opportunities for fraud center on the facts that banks deal with documents rather than the goods. The situation listed below are extremely uncommon, but do exist. 1. Sellers have reported receiving an advice or a confirmation of a documentary credit from nonexisting banks. The perpetrator of the fraud attempts to get the seller to ship goods and present documents for payment to a bank that does not exist. By the time the seller is aware of the fraud, the “buyer ” has received the goods and disappear.
跟单信用证或信用证是开证行代买方或开证 行自己开立的,保证对受益人提交的与信用 证条款和条件相符的汇票或单据金额进行 付款的承诺.
6.1.2 features of L/C. A letter of credit places a bank’s credit instead of a commercial credit. It is guaranteed by the issuing bank’s creditworthiness. (1) The issuing bank undertakes to effect payment, quite independent of whether the applicant is bankrupt or is in default or not, provided the documents presented are in compliance with the terms and conditions of the credit.
6.1.3 benefits and limitations of the documentary credit
1. benefits The documentary credit provides a high level of protection and security to both buyer and sellers. The seller is assured that payment will be made by a party independent of the buyer so long as the terms and conditions of the credit are complied with .
(3)In letter of credit business, banks deal with documents and not with goods, services or other performance to which the documents may relate. They check exclusively on the basis of the documents presented to them to see whether the terms of the credit are fulfilled. They are not in a position to verify whether the goods supplied actually conform to those specified in the credit.
(5) Banks dealing letter of credit business assume no responsibility for the acts of third parties taking in one way or another in the credit transaction.
the buyer is assured that payment will be made to the seller only after the bank has received the title documents called for in the credit. 2. Limitations of L/C Documentary credits are not foolproof(简单明了 得决不会出乱子的).there are layers of protections for both the buyer and the seller, but opportunities for fraud do exist.
(2) A letter of credit stands independent of the sales contract. Although the credit is issued on the basis of the contract, banks are in no way concerned with or bound by such credit ,even if any reference whatsoever to such contract is included in the credit. The bank, when issuing the credit has no regard for the sales contract but follows an application handed in by the buyer.
信用证的性质与作用
一.信用证的性质. 1.信用证是开证行有条件的付款承诺:一般担 保业务是被担保人不履约时,担保人才承担 付款义务.而信用证业务是开证行首先承担 付款义务,只要单证相符,开证行就要对议付 行,承兑行付款行付款,受益人也可直接向开 证行提交单据,只要单据相符,开证行必须付 款,所以说”开证行负第一性的付款责任”.
6.1 introduction
6.1.1 definition The documentary credit or letter of credit is an undertaking issued by a bank for the account of the buyer( The applicant ) or for its own account ,to pay the beneficiary the value of draft and /or documents provided that the terms and conditions of the documentary are complied with.